(a) No suit shall be brought on any contract providing motor vehicle insurance benefits or any contract providing optional additional coverage more than the later of:
(1) Two years from the date of the motor vehicle accident upon which the claim is based;
(2) Two years after the last payment of motor vehicle insurance benefits;
(3) Two years after the entry of a final order in arbitration;
(4) Two years after the entry of a final judgment in, or dismissal with prejudice of, a tort action arising out of a motor vehicle accident, where a cause of action for insurer bad faith arises out of the tort action; or
(5) Two years after payment of liability coverage, for underinsured motorist claims.
(b) No suit arising out of a motor vehicle accident shall be brought in tort more than the later of:
(1) Two years after the date of the motor vehicle accident upon which the claim is based;
(2) Two years after the date of the last payment of motor vehicle insurance or optional additional benefits; or
(3) Two years after the date of the last payment of workers' compensation or public assistance benefits arising from the motor vehicle accident.